Allergan's Largest Shareholder Sells Most of Holdings

7/21/2014 10:38AM

One of Allergan's top shareholders has sold nearly all of its holdings in the stock, leaving the Botox maker without the support of a large and long-term investor as it tries to stave off a $53 billion hostile takeover by Valeant Pharmaceuticals International. Maureen Farrell joins MoneyBeat. Photo: AP.

This transcript has been automatically generated and may not be 100% accurate.

... been been been been been been ... one of the Align's top shareholders has sold nearly all of its holdings potentially big blow to the Botox maker as it tries to stave off the fifty three billion dollars hostile takeover by valiant Pharmaceuticals and activist investor Bill Ackman ... MoneyBeat's Maureen Farrell joins us ... somemore and this is the story in today's paper day Benoit Kristen grind had the added that the violence on the sleeve in all of this story for a long time now what's the latest ... so this this is above the blue tag and even had a line of support for Steyn independent from Allie and ... it's a lot of shareholders come and my Pershing Square's Bill Ackman ... Tom halts and other shareholders on the other side won ... out again to sell ... Capri is a big mutual fund you think that they they are a long-term Boulder an hour again ... aam said suddenly they're out this is this couple reasons why the top holdings they had about six percent of the company and I believe they were the top holder before ... or before Ackman came and I did get a handle on long-term shareholder see it would seem that there'd be someone who maybe with support al again there been ... they seem to have fled the company simply one more thing stacking and get in the Dec stacking against Allergan staying independent so what's next for the steel now I mean we've seen that that the side to play out now for weeks and months ... can you see a base the stake on like this movie out what's what's next in the timeline ... so basically Align's it seems like their best offensive player right now is really de fence Bill Ackman is out there right now trading at twenty five percent of Allergan shareholders ... on board with him seeking college special meeting ... because a special meeting he wants to oust ... the majority of their directors ... to get them to ... come and look it that valiant bid is elegance and we don't even wanna look at it ... so al again actually has that if the if Bill Ackman is successful in its the twenty five percent share of directors on board ... they can actually delayed for hundred and twenty D is calling the meeting ... but it seems like they're sort of an in and insight to some extent I'll finally ... get to ... that particular the stock prices of these two companies especially Allergan right now is there any big movement here based on the news that we've seen from this picture of all the moving on ECR good side exit up ... two percent rate now is that trading at about one seven B which is about where the deal is valued rate exactly and I think the stock was up ten and two fronts I think ... I do the one and maybe the likelihood that deal getting done seen it seems that much more likely that the shareholder meeting ... Allergan also announced this morning plans to restructure ... their cutting a lot of their work for it's the cutting spending ... their profits on ID reported good second-quarter earnings ... something is also a sense that because of its restructuring ... and Allie and it's been a successful it's been a top up its offer ... and what you think you would potentially up its offer to ... their number that people are talking about ... at bringing out ceramic was ... once estimated at some scoring announced report couldn't link between one EP in two hundred day sun around ... one million what our hand looks like after this restructuring plan ... Watson is still very closely for